What Has Been the Growth of the Submersible Pumps Market So Far?
The submersible pumps market has seen considerable growth due to a variety of factors.
• There has been substantial growth in the submersible pumps market over the past few years. The market is projected to expand from $13.68 billion in 2024 to $14.65 billion in 2025, with a compound annual growth rate (CAGR) of 7.1%.
The historical growth is linked to its escalating use in wastewater treatment processes, increased utilization in home construction, a growing focus on sustainable and energy-efficient technologies, a rise in industrial activities, and a boom in the construction industry.
What Are the Future Growth Projections for the Submersible Pumps Market?
The submersible pumps market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of submersible pumps is projected to witness considerable growth in the coming years, expanding to $19.1 billion in 2029 with a compound annual growth rate (CAGR) of 6.9%.
The anticipated growth during the forecast period is propelled by increased agricultural and industrial activities, surging electricity demand, intensified irrigation practices, burgeoning urbanization, and escalated efforts to treat and reuse discharged wastewater. Prevailing trends during this period comprise advancements in models that are energy-efficient, progress in smart pump technologies, the incorporation of IoT for real-time monitoring, pioneering wastewater management solutions, enhanced corrosion-resistant materials, and the uptake of solar-powered submersible pumps.
What Are The Core Factors Supporting Growth In The Submersible Pumps Market?
The surge in farming pursuits are projected to spur the growth of the submersible pumps industry in the future. Agriculture, a practice that entails crop cultivation and livestock rearing for the production of food, fiber, and other necessaries, plays an integral part in the global economy. This field encompasses areas such as farming, animal husbandry, forestry, and fishing. A combination of factors such as rising worldwide food demand, advancements in technology, and extension of cultivatable land has led to an increase in agricultural activities. In this context, submersible pumps are utilized in the farming sector to effectively draw water from wells, rivers, or reservoirs for irrigation and crop care purposes. As an illustration, in February 2024, the UK government agency - Department for Environment, Food, and Rural Affairs, reported that the estimated agricultural sector witnessed a growth of 3.4% from 2021 to 2022. Thus, the escalating agricultural operations are propelling the submersible pumps industry's future progress.
What Are The Major Segments Within The Global Submersible Pumps Market?
The submersible pumpsmarket covered in this report is segmented –
1) By Product Type: Non-Clog Submersible, Open Well Submersible, Bore Well Submersible
2) By Drive Type: Electric, Hydraulic, Other Drive Types
3) By Head Type: Below 50 m, 50m - 100 m, Above 100 m
4) By Industry: Water And Wastewater, Oil And Gas, Construction, Mining, Other Industries
Subsegments:
1) By Non-Clog Submersible: Sewage Pumps, Drainage Pumps, Sludge Pumps
2) By Open Well Submersible: Vertical Open Well Pumps, Horizontal Open Well Pumps
3) By Bore Well Submersible: Single-Phase Bore Well Pumps, Three-Phase Bore Well Pumps
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What New Trends Are Influencing The Submersible Pumps Market?
Leading businesses in the submersible pumps industry are prioritizing technological advancements, such as high-efficiency submersible pumps, to establish a competitive advantage. High-efficiency submersible pumps are sophisticated devices engineered to maximize energy consumption while providing effective water flow and pressure. Take for example, Shakti Pumps India Limited, an India-originated submersible pump maker, unveiled a 4-inch plug-and-play submersible pump in February 2022. This creative feature enables swift installation without necessitating intricate wiring or setup procedures. Users can just link the pump to the electricity supply and begin operating it instantly, mitigating downtime and labor expenses.
Who Are the Key Players In The Submersible Pumps Market?
Major companies operating in the submersible pumps market are:
• Schlumberger NV
• Baker Hughes Company
• Atlas Copco
• Andritz AG
• NOV Inc.
• Flowserve Corporation
• Xylem Inc.
• Ebara Corporation
• Grundfos Holding A/S
• Sulzer Ltd.
• ITT Inc.
• KSB SE & Co. KGaA
• Wacker Neuson
• Wilo SE
• Franklin Electric Co. Inc.
• Gorman-Rupp Company
• Ruhrpumpen Inc.
• Zoeller Company
• SPP Pumps Ltd.
• Calpeda S.p.A
• DAB Pumps SpA
• Tsurumi Manufacturing Co. Ltd .
• SAER Elettropompe S.p.A
• HCP Pump Manufacturer Co. Ltd.
• Flacks Group
What Is The Most Dominant Region In The Submersible Pumps Market?
Asia-Pacific was the largest region in the submersible pumps market in 2024. The regions covered in the submersible pumps market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
